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As the U.S. Coast Guard continues to search for survivors, experts say the now-likely loss off the TOTE Maritime cargo ship could be the worst disaster involving a U.S. flag vessel in decades.
The Japanese ocean liner carriers and three executives at the companies allegedly conspired to fixed prices on roll-on/roll-off cargo, according to the U.S. Department of Justice.
Since last week, rates from Shanghai to Northwest Europe and the Mediterranean fell by 31.4 percent and 30.1 percent, respectively.
Industry advisors to the Commerce Department are calling on the government to get involved much sooner when contract talks between dockworkers and terminal operators diminish port productivity.
A group of Republican House lawmakers on Friday exercised a rarely used “discharge petition” to gather enough support to force a vote on the chamber floor to reauthorize the U.S. Export-Import Bank.
The legislation (HR 702) also includes a provision to increase funding for the 60 ships in the Maritime Security Program from $3 million to $5 million.